Australian software company Atlassian Corp. (NASDAQ: TEAM) soared in pre-market trading at the time of writing on Friday after the company reported Q4 earnings of $0.57 per diluted share as compared to earnings of $0.27 per share in the same period last year, above consensus estimates of $0.43 per share.
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The company’s revenues in the fourth quarter increased by 24% year-over-year to $939.1 million and exceeded Street estimates of $914.77 million.
Looking forward, the management expects Q1 revenues expected to be in the range of $950 million to $970 million and the operating margin is likely to be a negative 8.5% on a GAAP basis. In FY24, cloud revenues are likely to grow in the range of 25% to 30% while operating margin is forecasted to be 18.5% on an adjusted basis.
Analysts are cautiously optimistic about TEAM stock with a Moderate Buy consensus rating based on six Buys and nine Holds.
